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Tuesday, June 17, 2008
DAILY FISCAL POLICY REPORT -- June 17, 2008
Unemployment -- House To Keep UI in Supp.; Senate in Limbo: House Democratic leaders will include a provision extending unemployment insurance in the pending war supplemental appropriations bill, scrapping an idea to drop the provision that came from an effort to reduce the domestic funding portion of the package and avoid a veto from President Bush. This morning, Senate Republican blocked Majority Leader Reid's request that the Senate consider a free standing UI Extension. AP Story.
Extenders -- Senate cloture Vote Slated for Today: After a delay of one day due to storms that kept Senators out of town, an extenders cloture vote (to cut off debate and permit a vote) is slated for today; it is expected to be close. Though Senate Republicans generally oppose cloture, saying offsets are not needed for extending current tax policy. 379 companies lobbied the Hill yesterday, saying that "failure to act this summer on tax extender legislation will have significant negative consequences for the U.S. economy," impliedly telling the Senate, passage is worth PAYGO. Senate Extenders Package Cost Estimate.
Budget -- Economy Putting Pressure on PAYGO Principles?: On June 12, House Speaker Nancy Pelosi (D-CA) said it was possible that the jobless benefits, the veterans education benefits and a second stimulus package would not be offset, or even should be, given economic conditions. Said Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB): "While it made sense to pass the first stimulus bill without worrying about how to pay for it, the economy has now become a tired excuse for fiscally irresponsible policies. If we want to spend money on unemployment, veterans, or anything else, we need to find a way to pay for the spending." CRFB on PAYGO.
Posted by Dana Chasin
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